Jewellers’ Body Pushes For Uniform Gold Rates Across India

The All India Gem and Jewellery Domestic Council (GJC) announced on Tuesday its initiative to implement a ‘One Nation One Gold Rate’ policy, aimed at standardizing gold prices across India, which currently vary by region.

“We import gold at a uniform rate, but retail prices fluctuate significantly from city to city. Our goal is to establish a single rate nationwide,” stated GJC Secretary Mitesh Dhorda during the launch of ‘Lucky Lakshmi,’ a revamped annual gold festival running from October 22 to December 9.

The council has held over 50 meetings with members and successfully engaged around 8,000 jewellers in this initiative. While they have made representations to the government, the GJC is primarily focused on persuading industry stakeholders.

“We are already sharing a recommended rate with our members via WhatsApp broadcast groups. Our aim is to progressively reach about 4-5 lakh jewellers,” Dhorda mentioned, noting that the implementation has been particularly difficult in Gujarat.

Founded in 2005 with 3,500 members, including retailers and manufacturers, the GJC hopes to streamline this process within the next six months. The council is working with both chain stores and individual jewellers, alongside its network of 4,200 affiliated associations.

In conjunction with this initiative, the Lucky Lakshmi festival will involve participation from 1,500 retailers and 8-9 chain stores, offering prizes totaling Rs 10 crore. Customers who spend over Rs 25,000 on gold during the festival will receive guaranteed prizes.

Bollywood actress Mugda Godse was present at the launch event, alongside senior members of the GJC.

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